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My source of earning is private tuition. I also have term deposits in a bank and a post office. My taxable income now is above Rs 1.9 lakh. Which income tax return form ' ITR-4 or ITR-5 ' is to be used?

Ranjana Basak, Calcutta

Earnings from private tuition is assessed under income from profession. Earnings from interest on term deposits in bank and post office is assessed under "income from other sources". So, you have to use ITR-4 for filing of return.

I retired in 2003. I received the gratuity, which is more than Rs 3.5 lakh but less than Rs 10 lakh, this year. Shall I have to pay income tax for fiscal year 2012-13?

Prabhat Kumar Chatterjee, Calcutta

Gratuity received by an employee of the central government, state government or local authority is wholly exempt from tax under Section 10(10) of the Income Tax Act. Gratuity received by employees covered under the Payment of Gratuity Act 1972, is exempt from tax to the extent

(i) 15 days salary based on the last salary drawn for every completed year of service (ii) up to Rs 3.5 lakh received till 22.5.2010; this has been revised to Rs 10 lakh from 23.5.2010 onwards (iii) Gratuity actually received, or whichever is less. In your case, the gratuity was due before 23.5.2010 but you received it in 2012. Therefore, it is exempt from tax as it is less than Rs 10 lakh.

I shall turn 60 in September 2013. Shall I be considered a senior citizen in 2013-14? Which form should I file '15G or 15H ' for exemption of tax on fixed deposit in April 2013?

Sujit Kumar Bhattacharyya, Calcutta

Any person attaining the age of 60 on or between April 1, 2013 to March 31, 2014 shall be considered a senior citizen during financial year 2013-2014. So, for income during 2013-14, you shall be considered as a senior citizen. You can file form 15H at the bank for non-deduction of tax at source on interest on term deposits in April 2013 provided your estimated total income for the whole year is less than Rs 2.5 lakh. However, this may change in next year's budget.

If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001.

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